Under Pressure from Regulators Overseas, Geneva Banks Will Publish Their Results After 200 Years of Secrecy

Under Pressure from Regulators Overseas, Geneva Banks Will Publish Their Results After 200 Years of Secrecy

After changing their partnership structures at the beginning of 2014, Banque Lombard Odier & Cie SA and Banque Pictet & Cie SA will report their earnings after 200 years of secrecy. In doing so and developing further their business models the Swiss banks are at the forefront of the changing environment in the industry.

This steps is widely expected as Tim Dawson, analyst at Heleva SA, says to Bloomberg ‘it will be fascinating to see Pictet and Lombard Odier’s results after they kept the numbers private for so long’. This step will provide important information for industry analysts, investors, and even the banks’ customers.

Pictet is among the fourteen Swiss banks under investigation by the US Department of Justice (DoJ) for allegedly helping US persons avoid taxes, while Lombard Odier has entered the voluntary US Program under Category 2 along with more than 100 other banks in Switzerland.